Retirement Planning

Retirement Income – Financial Planning

How much will I need? How much will I have?

What do you want from retirement? Your unique answer to this question can become the basis for a sound financial plan that will help you pursue a successful retirement.

We can help you clarify your vision for retirement, balance competing priorities, identify and develop the financial resources to provide for your needs and wishes in retirement.

You may have seen formulas to help you estimate how much money you’ll need in retirement. Some sources say 80% of your pre-retired spending is a good figure to use, but we’ve found that actual expenses are much more complex. According to the Fidelity Research Institute, while nearly half of retirees expect their expenses to decrease in retirement, at least two thirds find that their expenses remain the same or actually increase. It depends on your individual situation. For example, if you spend significant funds on professional clothes, that may decrease in retirement. However, your property tax, utility bill and home maintenance costs will stay the same. Some expenses, like travel and health care, tend to increase once you retire. When will your mortgage be paid off? How do you account for inflation, and health care costs that are going up faster than the general rate of inflation? Should you take social security as early as you can, or delay so that you receive a higher benefit?

We help you answer these questions

When we enter into a planning process with a client, we take the time to understand your goals and prioritize what you need, what you want, and what would be nice to have. We use powerful financial planning software that can address these complex questions in detail, yet provides analysis that is straightforward and easy to understand. We can create a model of your financial life and try out different possibilities. What if you work part-time in retirement? Downsize your home? Buy long-term care insurance or plan to self-insure? We can explore all these possibilities with you, and develop a strategy for balancing what you have with what you need.

At Retirement Capital Strategies, we focus on the needs of the client who is retired or preparing for retirement. We specialize in building financial plans that seek to generate lifetime income streams in retirement, and we are committed to developing a strategy that will put your financial resources to work in support of the retirement lifestyle you want to create.

Setting an Appointment

Call 408-551-6100 or toll free 800-927-8314 and ask to speak with one of our financial advisors.